Credit deals urged to grow self-pay market

Credit and finance payment options for customers have a huge part to play in growing self-pay, an independent consultant to healthcare organisations told the summit. 

Richard Gregory

Richard Gregory said these were expected for all ‘big ticket’ purchases and healthcare should be no different. Pluses included:

 A mutual benefit to customers and operators; 

 Customers can make an instant decision to have private treatment;

 They can select a payment option best suiting their financial situation;

 Payment options offer more consumer protection;

 They increase perceived value by removing uncertainty;

 They create more loyalty because the hospital operator is making things easier.

Self-pay sales could also increase through the breaking down of price into a more palatable cost, he said. The processes were easier and operators were paid early in full.

Mr Gregory argued that payment options were an integral part of customer choice, they should be central to any proposition, and they drove better sales and loyalty.